What is Binance?
Binance is one of the most prominent cryptocurrency exchanges on the market right now. It was created by Changpeng Zao in China in 2017.
Zao funded the launch of Binance by creating a very successful ICO that generated $15 million by allowing investors to purchase the native Binance Coin (BNB) tokens which are based on the Ethereum network.
The exchange has today been relocated to the blockchain haven of Malta and is turning over $1 million every day in trades. Not only is Binance the largest alt-coin exchange, but also one of the fastest growing.
Why use Binance?
As the number one cryptocurrency exchange for alt-coins, you can be sure to find a huge selection of these tokens on Binance. There are currently over 100 different tokens that can be traded on the exchange. This is a lot of different cryptocurrencies compared to Coinbase, which only lists four.
Binance also has some of the lowest fees in cryptocurrency trading. The exchange only charges 0.1% for each transaction. This fee is further cut in half if you trade using Binance Coin. Depositing money on Binance is free of charge, as opposed to other exchanges where traders are charged.
Traders on Binance will also be delighted to know that there is the opportunity to win prizes. These prizes include everything from new cryptocurrency tokens to cool cars like a Maserati.
The trading volume on an exchange determines how hard it is to buy and sell a given cryptocurrency token. Binance is able to process almost 1.5 million transactions per second, which is another reason why it is so popular.
Finally, Binance is also known for taking security very seriously. The exchange offers users two-factor authentication in order to protect their account and their assets. The Binance website is also protected by the industry-standard CryptoCurrency Security Standard (CCSS).
How do you open a Binance account?
In order to open a Binance account, you simply need to visit the website and register your email address. Once you’ve done this you’ll receive a confirmation email. Logging in for the first time prompts you to set up two-factor authentication with your mobile number.
How do you deposit funds into your Binance account?
Unfortunately, Binance does not accept traditional payment methods such as bank transfers and payment cards. In fact, you can’t use fiat money at all.
The only way to deposit money into your Binance account is to do it with cryptocurrency. If you don’t already have any tokens, then you can buy them with fiat money from other exchanges.
To deposit fund, simply click on the Funds button, and the Deposits. Then click Select Deposits Coin, and type in the code for the cryptocurrency token you’d like to deposit (ie. ETH for Ethereum). This shows you the deposit address unique to that cryptocurrency.
Click Copy Address, then go to your wallet and transfer the tokens to the deposit address. The deposit will be made within 10 minutes and you can view it by clicking on Balance.
How do you trade on Binance?
In order to make your first trade, click on the Exchange button and then select Basic. Select the token you deposited from the Favorite screen, then search for the token you’d like to trade your deposited tokens for.
Once you’ve selected what you want to trade for and with, you will see the current market rates. Either select Market for trading at that rate or Limit to set a limit for when you want to make the trade. Finally, select the number of tokens you want to trade, and confirm the trade.
Good luck in the trading game, and keep an eye out for more cryptocurrency exchange guides on our site!